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Moody's upgrades Cyprus bonds to BA3

Moody’s rating agency announced late on Friday that it has upgraded the government bond ratings of Cyprus to ‘BA3’, while maintaining a positive outlook on the island’s rating as improvements in economic resilience, continuing fiscal outperformance are likely to be sustained, it noted.

Moody’s also stated that Cyprus’s long-term country ceilings have been raised, to reflect continuing improvements in economic resilience and fiscal outperformance.